One of the four Japanese financial giants, the SBI Group will acquire a majority stake in the cryptocurrency trading platform BITPoint Japan.
The cryptocurrency exchange has long been a competitor of the giant’s cryptocurrency division – SBI VC Trade. SBI buys 51% stake in BITpoint from Remixpoint for a total of $98.6M. BITPoint is now valued at over $193M.
As a result of the transaction, SBI will receive 5% of Remixpoint shares. At the same time, SBI does not specify whether it plans to combine the BITPoint platform with SBI VC Trade. Representatives of the financial group said they will seek to increase the liquidity of BITPoint through its subsidiary B2C2, which provides liquidity.
SBI is one of the four largest players in the Japanese financial business (the other three are the messenger operator Line, the e-commerce giant Rakuten and the Monex Group holding). This market was previously dominated by small start-ups, but strict regulation has resulted in many companies going out of business and others being taken over by competitors.
SBI Holdings is mastering the cryptocurrency market, seeing its serious prospects. In late 2021, SBI launched a private client cryptocurrency fund in Japan that invests in NFTs and bitcoin futures ETFs.
